Debt consolidation Plan - Part 2

[seeklightsoon]

Did any of you try going to Credit Counseling Singapore association first?

I already registered for one session 2 weeks later. Will they also offer DCP to me as a form of resort?

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It doesn't really matter. It all depends on which program you prefer to be on. For DMP, they will assess if you are able to make payment on monthly basis based on your income and your expenditure.

 

[iamindebt]

It doesn't really matter. It all depends on which program you prefer to be on. For DMP, they will assess if you are able to make payment on monthly basis based on your income and your expenditure.

Thanks for the advice.

So DMP and DCP are 2 different methods? How do I know which one is more viable for me to take up?

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[seeklightsoon]

Thanks for the advice.

So DMP and DCP are 2 different methods? How do I know which one is more viable for me to take up?

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Yes, you can see the summary of the differences here:

DCP is administered by the banks and you can apply to whichever bank that is offering DCP based on their interest rate. Once approved, you just pay to that bank and the rest of the credit card accounts will be closed. You will be given a credit card with a one-month credit limit. To qualify, your income must be between 30K to 120K and your debt to monthly income ratio is more than 12X (Example: Total debt across all banks is S$50K and your annual income is S$40K, then you will qualify)

DMP is administered through CCS. You will need to attend the talk, go for counselling before they decide if they will put up the case to the banks for approval. Once approved, you pay based on the plan to the various banks on a designated pay date. No other credit facilities will be allowed.

Suggest you read through the forum for a better understanding here on DMP:
https://forums.hardwarezone.com.sg/...credit-counselling-singapore-ccs-5821687.html

 

[StormySkiesNRainbows]

Did any of you try going to Credit Counseling Singapore association first?

I already registered for one session 2 weeks later. Will they also offer DCP to me as a form of resort?

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I registered for CCS initially, didn't know there was DCP option, I cancelled my CCS talk a week before and applied with UOB in April.

 

[Applewee]

I missed a day payment for my cashline account...
will this affect my credit score?
I pay immediately after one day

 

[Jojodespo]

Bro, you can actually apply for DCP, if you think you will be able to keep up with your payments.

Did a rough count for you, for 7 years, about $400+ a month.

What’s your cbs rating?

Hi people,

I'm in a credit card debt of about 33k added altogether from 3 banks (dbs, hsbc, ocbc).

I'm taking home about 2.5k a month and I can no longer keep up with the minimum repayments. And I'm losing my mind and sleeps recently because of all these.

I just registered for the talk at credit counseling singapore. Does this help? And how is this different from the dcp?

I really need help.

Thanks.

 

[Jojodespo]

There’s a hidden buffer of 7 days after due date before they charge late fees. Shouldn’t be a problem.

I missed a day payment for my cashline account...
will this affect my credit score?
I pay immediately after one day

 

[Applewee]

There’s a hidden buffer of 7 days after due date before they charge late fees. Shouldn’t be a problem.

But DBS charge late fee very fast one day late... omg I’m so stress

 

[iamindebt]

Yes, you can see the summary of the differences here:

DCP is administered by the banks and you can apply to whichever bank that is offering DCP based on their interest rate. Once approved, you just pay to that bank and the rest of the credit card accounts will be closed. You will be given a credit card with a one-month credit limit. To qualify, your income must be between 30K to 120K and your debt to monthly income ratio is more than 12X (Example: Total debt across all banks is S$50K and your annual income is S$40K, then you will qualify)

DMP is administered through CCS. You will need to attend the talk, go for counselling before they decide if they will put up the case to the banks for approval. Once approved, you pay based on the plan to the various banks on a designated pay date. No other credit facilities will be allowed.

Suggest you read through the forum for a better understanding here on DMP:

Thanks for the heads up. I'm really lost with all these right now. Have no idea what DCP or DMP are about.

Is the interest rate fixed or fluctuate? But it's still better rates than credit cards right?

Bro, you can actually apply for DCP, if you think you will be able to keep up with your payments.

Did a rough count for you, for 7 years, about $400+ a month.

What’s your cbs rating?

I have problem keeping up with the the monthly minimum payment right now.

I haven't gotten or buy my CBS rating from the association yet but will do so soon.

Does the DCP bank help to tabulate my overall debt or should I tabulate on my own and inform the bank?

I can pay $1k per month in my current capacity.

Thanks for the help!

 

[Shalala-86]

Need help! My CSO just called me and said that their processing team needs my CPF / salary crediting account statement. I am in the borderline range where my total debt is close to 12 times based on salary and <12 times if used CPF. I submitted my payslip based on my basic salary without bonus.
My application got approved last Friday by HSBC.. first disbursements alsrrady made to 1 of the account. My CSO said that she can see a DCP account created in the system. With the request of the cpf statement, will the bank withdraw my application?

 

[iamindebt]

Bro, you can actually apply for DCP, if you think you will be able to keep up with your payments.

Did a rough count for you, for 7 years, about $400+ a month.

What’s your cbs rating?

I just gotten my CBS report. My rating is HH. That's the worse rating right?

And my total debt is actually $28k. My monthly gross salary is about $2.9k. That falls below the minimum debt requirement of 12 months for DCP loan right? Am I still able to apply for DCP?

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[WillieTan]

I just gotten my CBS report. My rating is HH. That's the worse rating right?

And my total debt is actually $28k. My monthly gross salary is about $2.9k. That falls below the minimum debt requirement of 12 months for DCP loan right? Am I still able to apply for DCP?

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I am afraid not.

 

[iamindebt]

I am afraid not.

What's the reason for upholding the more than 12 months consolidated debts?

I really need either DCP or DMP. But DMP is not definite approval for anyone right?

 

[Shalala-86]

What's the reason for upholding the more than 12 months consolidated debts?

I really need either DCP or DMP. But DMP is not definite approval for anyone right?

MAS ruling? We do have HH ppl getting DCP approval. No harm trying. It’s usually quite fast. Around 3-5 working days to know the outcome. If u fall below 12 times, can consider DMP route. Jia you!

 

[Shalala-86]

But DBS charge late fee very fast one day late... omg I’m so stress

Ask for wavier.. late 1 day should not impact ur rating.

 

[Jojodespo]

Yikes. I don’t think so.

How about credit culture. Might work out for you.

HH can still apply with MAYBANK, HSBC. The other banks won’t take HH.

I just gotten my CBS report. My rating is HH. That's the worse rating right?

And my total debt is actually $28k. My monthly gross salary is about $2.9k. That falls below the minimum debt requirement of 12 months for DCP loan right? Am I still able to apply for DCP?

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[iamindebt]

MAS ruling? We do have HH ppl getting DCP approval. No harm trying. It&#146;s usually quite fast. Around 3-5 working days to know the outcome. If u fall below 12 times, can consider DMP route. Jia you!

I already registered for the CCS free talk next Tuesday. Hopefully can get the DMP session after that. Thanks man!

Yikes. I don’t think so.

How about credit culture. Might work out for you.

HH can still apply with MAYBANK, HSBC. The other banks won’t take HH.

I am wondering for my case, is it possible to go through the Personal Loan route from various banks. Any advice on this method? Thanks

 

[seeklightsoon]

I already registered for the CCS free talk next Tuesday. Hopefully can get the DMP session after that. Thanks man!


I am wondering for my case, is it possible to go through the Personal Loan route from various banks. Any advice on this method? Thanks

Maybe you want to try your luck from this fintech company to see if you can get any approval for your entire credit card outstanding. The interest that they charge is 1% per month, which is lesser than the 2%+ per month charged by the banks.

https://www.creditculture.sg

Alternatively, you may just go with your DMP talk and application. The interest rate is around 3% to 4% per annum, fixed throughout the loan period. So long as you have the ability to make monthly payment (based on your excess cash from your monthly income less expenses), CCS is likely to consider to make up a case to the banks for approval of DMP. Having said that, your credit card outstanding must have been accumulated for a while. They are not likely to put up for DMP for someone who just got their credit card a few months ago and spent a large sum of money and want DMP to make payment due to low interest rate.

Best of luck!

 

[iamindebt]

Did anyone try Credit Culture before? So it's like taking up a personal loan from them too right? But they only allow a maximum loan of 6 months of my monthly salary. I'm earning about $3k now, 6 months loan is only about $18k. But I have a debt of $29k. Can Credit Culture top up the loan amount? Anyone can advice? Thanks.

By the way, if I have the huge amount to pay up the credit card debt in one go using the loan, does the credit card charge a termination fee? If there is, roughly how much will it be?

 

[Shalala-86]

Did anyone try Credit Culture before? So it's like taking up a personal loan from them too right? But they only allow a maximum loan of 6 months of my monthly salary. I'm earning about $3k now, 6 months loan is only about $18k. But I have a debt of $29k. Can Credit Culture top up the loan amount? Anyone can advice? Thanks.

By the way, if I have the huge amount to pay up the credit card debt in one go using the loan, does the credit card charge a termination fee? If there is, roughly how much will it be?

You can submit your application via credit culture online. Base on the the details you have keyed, it will tell u if you are eligible. From what I see, it does have strict requirements as well. No harm trying as u will get to know your application status immediately. There will be a short fall on your total loan vs debt amount if u were to apply from credit culture... Using ur loan from credit culture, pay off some of those high outstanding credit card bill ...subsequently consider apply Term/ personal loan to reduce interest and fix repayment. Need to very discipline here.
There won’t be any penalty imposed if u were to clear ur credit card loan early but there will be charges impose for early redemption of your term loan.